How Blacks the Poor and the Middle Class are Being Push Out of Brooklyn Because of Albany's Tax Breaks for Luxury Developers 872

We Run A State Election and Pushing Blacks Out of Brooklyn Is A None Issue

A group of black Section 8 tenants in a rapidly gentrifying Brooklyn neighborhood claim that their landlord wants to swap them for “more affluent white tenants” by opting out of the federal housing subsidy program.

Three women living at 781 Washington Ave. in Crown Heights — just steps from Prospect Park — are suing to stop real estate honcho Douglas Rosenberg from exiting the program and renting out the building’s 63 units at market rates.

“The inevitable result of the landlord Defendants’ opt out from Section 8 will be the displacement of African-American families from the subject building and the Prospect Heights neighborhood, and their replacement by more affluent white tenants,” according to their suit, filed Tuesday in Brooklyn federal court. The suit claims that Rosenberg failed to properly notify startled tenants that he planned to remove the building from Section 8 status by the end of September.

True News Give You the Why the Media Gives You Filtered News About Gentrification

How Albany's Manhattan Real Estate Tax Breaks Are Pushing Blacks and the Poor Out of Brooklyn

NYT Reports onGentrification In Crown Heights It Does No Report Why It is Happening So Fast?

Crown Heights, Brooklyn, Gets Its Turn(NYT) The neighborhood has finally overcome a reputation for intolerance and violence that had plagued it since the 1991 riots between blacks and Hasidic Jews. In fact, residents credit the successful post-riot reconciliation between the two communities with being one of the drivers of Crown Heights’ rapid transformation — or gentrification, depending on one’s perspective.

Real Estate Market Forces: International Money, Gentrificatrion and Airbnb Are Making Affordable Housing Program into A Band-Aid on A Cancer

Is Anyone Studing the Effect of Foreign $$$ Puring Into the City

NY's Real Estate Has Become the New Swiss Hidden Banks Accounts to Hide Illegal Money

GILDED CITY – New York mag cover, “Stash Pad: The New York real-estate market is now the premier destination for wealthy foreigners with rubles, yuan, and dollars to hide,” by Andrew Rice:“Every year, the British real-estate brokerage Knight Frank publishes a document called ‘The Wealth Report.’ The latest edition produces the curiously precise estimate that there are 167,669 individuals in the world who are ‘ultrahigh net worth,’ with assets exceeding $30 million … forecasting that over the next decade, the ranks of the ultrarich will increase by 30 percent, with much of the growth coming in Asia and Africa. … New York is forecast to add more ultrahigh-net-worth individuals than any city outside Asia over the next decade.”“[S]ince 2008, roughly 30 percent of condo sales in large-scale Manhattan developments have been to purchasers who either listed an overseas address or bought through an entity like a limited-liability corporation, a tactic rarely employed by local homebuyers but favored by foreign investors. … Corcoran Sunshine, which markets luxury buildings, estimates that 35 percent of its sales since 2013 have been to international buyers, half from Asia, with the remainder roughly evenly split among Latin America, Europe, and the rest of the world. ‘The global elite,’ says developer Michael Stern, ‘is basically looking for a safe-deposit box.’ …* A study showed Manhattan’s apartment inventory is up after a two-year shortage, but the average price for a Manhattan apartment rose 20 percent to more than $1.6 million, the Times writes: * Hidden in Plain Sight: New York Just Another Island Haven()ICIJ) Lax U.S. rules and real estate industry’s no-questions-asked approach make it easy for dodgy characters to funnel wealth through high-end Manhattan apartments.

NYT Reports onGentrification In Crown Heights It Does No Report Why It is Happening So Fast?

Crown Heights, Brooklyn, Gets Its Turn(NYT)
The neighborhood has finally overcome a reputation for intolerance and
violence that had plagued it since the 1991 riots between blacks and
Hasidic Jews. In fact, residents credit the successful post-riot
reconciliation between the two communities with being one of the drivers
of Crown Heights’ rapid transformation — or gentrification, depending
on one’s perspective.

Along
Franklin Avenue, signs saying “Moving to Flatbush” have appeared on
many businesses in the last couple of years, and while longtime
residents don’t tack up signs, there are indications they have also been
leaving in large numbers as new arrivals replace them in this community
of about 140,000 people. * Nuns raise rents at immigrant home to boot longtime residents(NYDN) They’re
kicking them like a bad habit. The nuns running St. Joseph’s Immigrant
Home in Hell’s Kitchen are boosting the rent on young female residents
and trying to boot women..

Real
Estate Market Forces: International Money, Gentrificatrion and Airbnb
Are Making Affordable Housing Program into A Band-Aid on A Cancer

Is Anyone Studing the Effect of Foreign $$$ Puring Into the City

NY's Real Estate Has Become the New Swiss Hidden Banks Accounts to Hide Illegal Money

GILDED
CITY – New York mag cover, “Stash Pad: The New York real-estate market
is now the premier destination for wealthy foreigners with rubles, yuan,
and dollars to hide,” by Andrew Rice:“Every year, the British real-estate brokerage Knight Frank publishes
a document called ‘The Wealth Report.’ The latest edition produces the
curiously precise estimate that there are 167,669 individuals in the
world who are ‘ultrahigh net worth,’ with assets exceeding $30 million …
forecasting that over the next decade, the ranks of the ultrarich will
increase by 30 percent, with much of the growth coming in Asia and
Africa. … New York is forecast to add more ultrahigh-net-worth
individuals than any city outside Asia over the next decade.”“[S]ince
2008, roughly 30 percent of condo sales in large-scale Manhattan
developments have been to purchasers who either listed an overseas
address or bought through an entity like a limited-liability
corporation, a tactic rarely employed by local homebuyers but favored by
foreign investors. … Corcoran Sunshine, which markets luxury buildings,
estimates that 35 percent of its sales since 2013 have been to
international buyers, half from Asia, with the remainder roughly evenly
split among Latin America, Europe, and the rest of the world. ‘The
global elite,’ says developer Michael Stern, ‘is basically looking for
a safe-deposit box.’ …* A study showed Manhattan’s apartment
inventory is up after a two-year shortage, but the average price for a
Manhattan apartment rose 20 percent to more than $1.6 million, the Times writes: * Hidden in Plain Sight: New York Just Another Island Haven()ICIJ) Lax
U.S. rules and real estate industry’s no-questions-asked approach make
it easy for dodgy characters to funnel wealth through high-end Manhattan
apartments.

Campaign Contributions Are Bribes

Ex-NYC housing honcho: I raked in $2.5M in bribes(NYP)A
former city housing honcho said Monday he raked in $2.5 million in
bribes from developers and contractors looking to access affordable
housing contracts. The stunning admission from former Housing
Preservation and Development Department assistant commissioner Wendell
Walters came as he testified in the Brooklyn federal court bribery trial
of developer Steve Dunn and his lawyer partners Lee Hymowitz and
Michael Freeman.* Ex-Housing Official Tells of Bribes(WSJ)